Published: January 27, 2022
Since the inception of eCommerce, more and more people have been turning towards online shopping. Plus, it became the most convenient way to make purchases during the pandemic while still abiding by the mandated social restrictions.
So, just how big is the eCommerce market currently?
Find out by checking out the stats and facts below!
How Big is the Ecommerce Market?
Some eCommerce statistics indicate that its growth shows no signs of stopping anytime soon, and it’s projected to reach a value of $26.7 trillion in 2021. While it’s true that this market has been steadily growing for some time now, the pandemic has definitely given it a boost.
More Ecommerce Stats
People love shopping from the comfort of their homes. Below, you’ll find out just how much consumers have spent online, the fastest-growing eCommerce countries, and more.
US online retail sales reached $214 million in the third quarter of 2021.
With over $221 million in the second quarter of 2021, it’s apparent that people love shopping online. Moreover, eCommerce in the USA is expected to reach $6.4 trillion in 2024. This projection was made observing steady trends in the sector, which have seen a rise in numbers every year since 2014.
China was the largest eCommerce market in 2021.
The growth of eCommerce has been tremendous in particular countries, and China’s market is worth over $2,779.3 billion. The US is second on the list with $794.5 billion, while the UK is third on the list with $180 billion.
Black Friday’s online sales for 2020 and 2021 are the highest on record.
(Source: Digital Commerce 360 / IBIS World)
For instance, 2020 saw $9.03 billion spent online, while 2021’s Black Friday sale recorded $8.92 billion. Some industries reached incredible highs, like the market size of online men’s clothing worth over $12 billion.
These massive increases happened as the pandemic forced more people to make purchases over the internet.
North America was second on the list of regions with the most significant eCommerce growth.
(Source: Smart Insights)
This stat indicates a 31.8% growth in North American eCommerce sales from the previous years. Latin America incurred an increase of 36.7%, landing first on the list, while for Central and Eastern Europe, this number was 29.1%.
Internet purchases were 28.1% of the total retail sales in the last quarter of 2021.
The internet retail industry experienced remarkable growth from 2019 (19.2%). This figure marks the most significant increase since 2006. When we look at the months, we can see that January 2021 was the best month for eCommerce, with 37.7% of all sales. And of the four quarters in 2021, Q1 saw the most internet purchases with 35.5%.
Fashion is the largest market segment.
(Source: Statista / CommonThread)
According to data from Statista, the global size of the fashion eCommerce market was around $759.5 billion in 2021. Furthermore, experts expect this to grow at 9.1% per year until it reaches $1.164 billion by the end of 2025.
Due to the convenience of online shopping and the past two years of mandated restrictions caused by the coronavirus, it’s easy to see why the eCommerce industry is booming.
Instead of spending hours in crowded malls, you can sit back and shop for just about anything from the comfort of your home. Therefore, this $26 trillion industry will likely only continue to grow.